Selected transactions for Young Real Estate Agency during its first month of business follow: June 1 2 Samantha Young opened Young Real Estate Agency with an investment of $13,250 cash and $2,580 of equipment. Paid $1,450 for a one-year insurance policy. 3 Purchased additional equipment for $4,580, paying $860 cash and signing a note payable for the balance. 10 Received $440 cash as a fee for renting an apartment. 16 Sold a house and lot for B. King. The commission due from King is $7,540. (It is not paid by King at this time.) 27 Paid $550 for advertising to run during June. 29 Received an $50 bill for telephone service during the month of June. (The bill is paid in July.) 30 Paid an administrative assistant $1,600 in salary for June. 30 Received $7,540 cash from B. King for the June 16 transaction. (b) Open T accounts and post the journal entries to the general ledger. Note: Because this is the first year of business, there are no opening balances to consider. (Post entries in the order of journal entries presented in the previous part. Select the date for closing balances even in case of zero balance. If ending balance is 0, enter O on the normal side for the account.) Cash June 1 13250 June 3 860 June 3 June 10 3,720 440 Accounts Receivable Prepaid Insurance Equipment > Notes Payable > Accounts Payable S. Young, Capital Service Revenue > Salaries Expense Advertising Expense Telephone Expense